Making ends meet - 15 ways to cut back on household expenses

We currently find ourselves in a financially precarious situation as all non-essential businesses shut down for a period of 21 days. This will result in a loss of wages for many South Africans and will place most of us under severe financial constraints.

Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, recommends that we all look at what we can live without for the short term and where we can make financial sacrifices in the form of our lifestyle choices.

“There are several household expenses that can be lowered over this period. While it might take some effort to cut back on these expenses, homeowners will need to do whatever they can to make sure they keep up with their bond repayments or risk having their home repossessed by the bank,” he cautions.

Below is a list of ways RE/MAX of Southern Africa suggests homeowners could consider to lower their monthly household expenses:

Ask your bank for a payment holiday on your home loan and/or other debts

Cut back on expensive cleaning detergents. Only buy essentials such as dishwashing liquid, bleach and laundry detergent.

“While giving up these things will be challenging, I encourage South African homeowners to practice good spending habits and financial discipline for the duration of this lockdown to avoid getting into massive debt over this time,” Goslett concludes.

After spending an extended time confined within our home, our once cosy spaces can easily start to feel more like a prison than a place of safety. For homeowners who are looking for ways to keep motivated within these challenging circumstances, a change in environment can help boost morale and make a space feel like new.